Investment Rating - The report assigns an investment rating of "Outperform the Market" for the company [72]. Core Viewpoints - The company, established in 1994 and listed in 2004, primarily engages in coal mining, washing, transportation, sales, and production services, with over 90% of its revenue derived from coal [5][8]. - The company has a stable financial position with cash flow being relatively abundant, and it has no significant capital expenditure plans aside from ongoing projects [12]. - The coal production capacity is 10.95 million tons per year, with recoverable reserves of 560 million tons as of 2023 [13][43]. - The company has seen a stable coal output in Anhui province, maintaining around 11 million tons since 2018, with a slight increase to 11.2 million tons in 2023 [15]. - The average selling price of coal in 2023 was 958 RMB/ton, reflecting a decrease from previous years [48]. - The company is expanding its renewable energy initiatives, including wind and solar projects, to enhance its green energy portfolio [30][58]. Financial Analysis - The company's coal business generated a gross profit of 3.526 billion RMB in 2023, with a gross margin of 46.67%, showing a year-on-year increase of 4.15 percentage points [53]. - The electricity segment reported a revenue of 46.83 million RMB in 2023, with a net profit of 6.22 million RMB from its investment in the Suzhou Thermal Power Company [56]. - The company has a total debt to EBITDA ratio that indicates a manageable level of debt [64]. Revenue and Profitability - The coal segment is projected to generate revenues of 8.14 billion RMB in 2024, with a slight decline expected in the following years [66]. - The electricity segment is expected to maintain stable revenues, contributing to the overall profitability of the company [66]. Market Position - The company holds a strong market position in Anhui province, benefiting from its proximity to economically developed regions, which enhances its transportation efficiency [46]. - The company has established long-term strategic partnerships with major customers in the power, steel, and chemical industries [46].

证券代码：600971 证券简称：恒源煤电 公告编号：2024-027 安徽恒源煤电股份有限公司 安徽恒源煤电股份有限公司董事会 2024 年 7 月 12 日 根据上海证券交易所《上市公司行业信息披露指引第二号-煤炭》 要求，特此公告公司 2024 年半年度经营数据。 | 项 目 | 本期数 | 上年同期数 | 变动比例（%） | | --- | --- | --- | --- | | 原煤产量（万吨） | 494.17 | 447.92 | 10.33 | | 商品煤产量（万吨） | 384.75 | 359.64 | 6.98 | | 商品煤销量（万吨） | 388.15 | 379.21 | 2.36 | | 煤炭主营销售收入（万元） | 370,500.89 | 398,687.12 | -7.07 | | 煤炭主营销售成本（万元） | 216,625.96 | 206,685.70 | 4.81 | | 商品煤销售毛利（万元） | 153,874.93 | 192,001.42 | -19.86 | 本公告之经营数据未经审计，以上数据源自公司报告期内财务数 据，为投资者及时了解公司生产经营概况之用 ...

Summary of Conference Call Transcript Industry Overview - The discussion revolves around the coal industry, specifically focusing on pricing strategies and market conditions during the second quarter. Key Points - The company implemented a quarterly pricing strategy for its coal products, contrasting with the monthly pricing strategy used by a competitor, Dengning Coal [1] - In the second quarter, the overall coal prices ranged from 150 to 180, indicating a slight fluctuation compared to the first quarter [1]

证券代码：600971 证券简称：恒源煤电 公告编号：2024-025 安徽恒源煤电股份有限公司 关于全资子公司名称、经营范围等信息变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽恒源煤电股份有限公司（以下简称"公司"）全资子公司 "安徽恒源煤电售电有限责任公司"因业务发展和经营管理的需要， 对该公司名称、经营范围等信息进行了变更，目前已经完成工商变更 登记信息，并取得了换发的营业执照。变更后的工商登记信息如下： 名称：安徽恒源电力有限责任公司 统一社会信用代码：91341300MA2NL33112 注册资本：壹亿肆仟万元整 经营范围：许可项目：发电业务、输电业务、供（配）电业务； 供电业务；供暖服务；电气安装服务；燃气经营；建设工程施工；输 电、供电、受电电力设施的安装、维修和试验（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门 批准文件或许可证件为准） 一般项目：热力生产和供应；储能技术服务；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；太阳能发电技术服 务； ...

证券代码：600971 证券简称：恒源煤电 公告编号：2024-026 安徽恒源煤电股份有限公司 关于卧龙湖煤矿完成封井闭坑的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、卧龙湖煤矿前期关井不闭坑情况 根据国务院《关于煤炭行业化解过剩产能实现脱困发展的意见》 （国发[2016]7 号）、安徽省人民政府《关于煤炭行业化解过剩产能实 现脱困发展的实施意见》（皖政[2016]76 号）和安徽省国资委等六部门 《关于印发<省属"三煤一钢"企业化解过剩产能实现脱困发展实施方 案>的通知》（皖国资评价[2016]81 号）文件精神，安徽恒源煤电股份 有限公司（以下简称"公司"）需在 2018 年年底关闭卧龙湖煤矿（详见 公告"安徽恒源煤电股份有限公司关于化解煤炭过剩产能情况说明公 告"，公告编号 2016-037）。 2018 年，公司根据安徽省煤炭行业化解过剩产能实现脱困发展办 公室下发的《关于做好 2018 年煤炭化解过剩产能工作的通知》（皖煤 化办〔2018〕8 号）规定，申请对卧龙湖煤矿关井不闭坑保留矿井进行 瓦斯综合 ...

大家好我是国新环保的负责人李蓉然后今天非常高兴我们请来了核原电力的朱董来给我们讲述一下公司的背景以及未来的一个发展我们知道在整个电力发展非常大的情况下的话其实煤电作为发展电力的一个主要的一支其实这几年有了一个飞速的发展从一体化的角度来讲的话也更好的能够实现一个保供所以我们今天请到核原的朱董来给我们稍微讲述一下 公司的一个情况那今天的会议是由我和我们的这个研究员王志耀一起来共同主持的那下面我们先请朱董来稍微给我们讲述一下公司的情况谢谢好感谢我们郭靖政经感谢我们主持人郭婉琳感谢广大投资者的这个关心这个恒生煤电它正好今年是32周年嘛它是在04年8月份在三角洲上市的暂时是 是主要是公司主要层次是煤炭的开采需先加工或煤炭的销售业务同时有一定的这个煤电业务目前恒远煤电的这个注册地在安徽中淮北市 这个办公厅在安徽省苏州市,是一个地缓粮食的商事公园。主要的牧产下面有五座米矿、粉粮矿井和配套洗米厂。 科定产能是一千零九十五万的,虚形是大数是一千万的,每吨主要是脚酶,三分之一脚酶,肥酶或者无叶酶,属于这个积灰积硫中高回发分布,高发热量的一种酶。到二三年底这个棍子的有纸链质量十一亿吨,克材重量是五点五亿吨大数。 那个城市煤炭还有一 ...

Summary of the Conference Call Company Overview - The conference call pertains to Hengyuan Coal and Electricity, focusing on the 2022 annual results and the first quarter of 2024 performance [1] Key Points and Arguments - The call was attended by key company executives, including the General Manager, Mr. Jiao Tianzhi, and Independent Director, Mr. Wang Wanjun, indicating a structured approach to shareholder communication [1] Additional Important Content - The meeting serves as a platform for shareholders and investors to gain insights into the company's performance and future outlook, highlighting the importance of transparency in corporate governance [1]

会议召开时间：2024 年 05 月 29 日(星期三) 上午 10:00- 11:30 证券代码：600971 证券简称：恒源煤电 公告编号：2024-024 安徽恒源煤电股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2024 年 05 月 22 日(星期三)至 05 月 28 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 283563672@qq.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 安徽恒源煤电股份有限公司（以下简称"公司"）已分别于 2024 年 3 月 30 日、2024 年 4 月 26 日发布了公司 2023 年年度报告 和 2024 年一季度报告，为便于广大投资者更 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2024-023 A 股每股现金红利 0.85 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/23 | － | 2024/5/24 | 2024/5/24 | 安徽恒源煤电股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,200,004,884股为基数，每股派发现金红利0.85 元（含税），共计派发现金红利 1,020,004,151.40 元。 差异化分红送转： 否 1. 发放年度：2023 年年度 2. 分派对象： 一、 通过分配方案的股东大会届次和日 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated strong cash cow attributes, with a high cash balance and low debt pressure, reflected in a 2023 weighted return on equity (ROE) of 16.7% and a debt-to-asset ratio of 38.8% as of March 2024 [6][19]. - The company is expected to experience stable revenue growth, with projected revenues of 75.6 billion, 78.2 billion, and 80.2 billion yuan for 2024, 2025, and 2026 respectively, indicating a slight decline in 2024 followed by growth in subsequent years [19][20]. - The company benefits from a high proportion of long-term contracts in its coal business, which stabilizes earnings and reduces volatility [19]. Summary by Sections Recent Performance - In Q1 2024, the company reported a revenue of 2.05 billion yuan, a year-on-year decrease of 8.3%, and a net profit attributable to shareholders of 430 million yuan, down 29.1% year-on-year [3][4]. Coal Business - The company produced 1.949 million tons of commodity coal in Q1 2024, a 4% increase quarter-on-quarter and a 12% increase year-on-year. The average selling price per ton was 1,017 yuan, up 12% quarter-on-quarter but down 5% year-on-year [4]. - The comprehensive cost per ton of coal was 561 yuan, showing a slight decrease of 1% quarter-on-quarter and 3% year-on-year, resulting in a comprehensive gross profit of 456 yuan per ton, which is a 35% increase quarter-on-quarter but a 7% decrease year-on-year [4]. Financial Metrics - The company had a total market capitalization of approximately 15.43 billion yuan and a daily average trading volume of 207.79 million yuan [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 1.64, 1.74, and 1.80 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8, 7, and 7 [19][20]. Future Growth Potential - The company is expected to benefit from the upcoming commissioning of the second phase of the Qianyingzi power plant, which will add significant capacity and contribute to revenue growth [19][18]. - There is potential for increased coal production capacity due to the rich resources of its controlling shareholder, Anhui Wanjin Coal and Electricity Group, which has committed to injecting coal mining assets into the listed company [4][19].